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If you’ve ever dreamed of being your own boss, you may have considered starting your own business. When you thought about your company, did you consider all of the steps necessary to get your business up and running? A lot of planning is required in order to start a successful, profitable business. This guide explains the many facets to starting your own business.

Create a business plan. This will lay the groundwork for your company, and allow you to keep track of company progress. Start a business plan by outlining the major goals you wish to accomplish. Establish what good or service your company will provide, and create a mission statement. This will allow you to form core company values, business policies, and eventually, a brand. Your business plan should also define:

The market your business will cater to

Prices of your products/services

Competitors in your industry

Risks or problems you could run into and how you are going to face those problems

The roles of each owner/employee

The processes you will use to conduct business

The legal structure of your business

The finances of your business

Your finances should break down all of the supplies your business requires to run each month, and how much your business needs to bring in to cover those costs and turn a profit.

Set a legal structure. A major element of your business plan will contain the legal structure of your business. The form of business you choose will determine what income tax form you’ll need to fill out. This will ensure your business is legal, as well as help protect the profits of the business and your livelihood.

The most common types of businesses are sole proprietorships, partnerships, LLCs, and corporations.

Sole proprietorship: A business that is owned and operated by a single person.

Partnership: One business that is owned by two or more people.

LLC: A Limited Liability Company combines the pass-through taxation of a sole proprietorship/partnership but with the limited liability of a corporation. These types of businesses are common for non-profits, as LLCs do not need to be organized for profit.

Corporation: An independent legal entity that is owned by shareholders. Any actions or debts incurred are on the corporation, not the shareholders.

Funding and financing your business. Once you’ve established a business plan and pooled enough money to get your business off the ground, consider all of the supplies your businesses is going to need to run efficiently. Determine how much money is needed to get your business started with the essentials, like desks, printers, computers, and an office space. If your business requires equipment to produce your product or provide your service, you’ll need to finance this machinery. Financing companies like Liberty Financial Group provide leasing on expensive equipment, allowing you to start your business sooner and at a lesser cost.

Choose a location. You should ask yourself a few questions to determine the location of your business:

Can your business be handled anywhere, or do you need a central office location that allows you to cater your customers?

Does the location need to say something about your company as a whole?

Are you going to be surrounded by your competition?

If you’re selling a product, is there going to be enough foot traffic in front of your location?

Does the space leave enough room for potential growth?

Is the space clean and safe to operate in?

Are their hidden costs associated with the lease of the space?

Taking these questions into consideration will help to ensure you choose a space that will be functional and beneficial to your business in the long run.

Name your business. Choosing a name for your business will help you to build your brand. Ultimately, your business name should say what your company does and evoke a sense of your brand. The name you choose should appeal to you and the type of clientele you wish to attract. Avoid choosing a name that is long, confusing, or misleading to customers.

Obtain licenses, permits, and tax identification. Businesses must file certain taxes with the federal government, but they also have to pay state and local taxes. First, file for your Federal Tax Identification Number, or the EIN mentioned previously. Each state has their own tax laws for businesses, so check your states tax obligations to ensure you file the right forms, such as income tax, employment tax, and state and territory tax.

Hire employees. Prior to hiring people to work for your company, there are several forms you’ll need to fill out and file. First, you’ll need to obtain an employment identification number (EIN). This will be used to report tax information to the IRS. When you file, be sure to keep records of the taxes you are withholding, including Federal Income Tax, Federal Wage Tax, and State Tax. The next step in hiring an employee is to prove their eligibility to work in your state. Then, establish workers’ compensation insurance for your employees, and make your new hire aware of company policies and their rights and responsibilities under labor laws. Once you’ve offered a position to a new employee, register them with your state’s new hire reporting program, and file your new tax forms. Businesses that pay wages need to file the Employer’s Quarterly Federal Tax Return.

Market your business. Once you have established your business in the eyes of the government and hired employees, you’ll need to get the word out about your business. Advertisements on the internet, in newspapers and local publications, and word of mouth are great ways to attract customers to your business. Use mediums and strategies that will appeal to the customer base you want your business to attract.

Starting a business is quite an undertaking, but with the right action steps in place, you can be your own boss and create a successful company you can call your own.

The ISA Annual International Conference and Trade Show is where professionals in the arboricultural industry can connect, network, and share information and opportunities in the industry.

This year, the conference will take place in sunny Florida, featuring a number of educational sessions lead by industry leaders who come to share the latest and greatest in equipment, best practices, technology, and research. There will also be a trade show, featuring a Climbers’ Corner on the trade show floor, and Tree Academy workshops throughout.

Liberty Financial Group is proud to be participating in this premier event for arborists around the world, and look forward to networking with industry experts and those looking to start a career in the arboricultural industry.

Phil McClurkin

If you are attending the ISA Annual International Conference and Trade show this year, stop by Liberty Financial Group’s booth and speak with Phil! At the Liberty Booth, you can:

Fill out an application!

Receive an instant approval!

Take your financed equipment home from the show!

Grab a pair of Liberty’s famous work gloves!

To learn more about the ISA International Society of Arboriculture and this year’s conference, check out the event agenda.

We’re excited to announce that in roughly five weeks’ time, the Liberty Financial Group team will be heading north to Hartford, Conn., for three solid days of industry networking.

Our destination is the annual TCI EXPO, which is being held at the Connecticut Convention Center from November 13 to 15. We’ll be manning booth #427, and if you and your team are planning on attending the EXPO as well, we hope you’ll stop by the booth to say hello. We’ll be located in the Exhibit Hall (not the Ballroom), in between the Kershaw and Sherrill Tree booths.

How is your tree care company perceived by your customers, by your community? A part of your reputation likely stems from the quality of your work. However, the way you and your crews present yourselves to customers also has a huge impact on your reputation.

These days, it isn’t enough just to be good at your job, you also need to project competence and professionalism in your customer interactions and with your equipment and marketing materials.

Projecting an air of professionalism will help you build and maintain your client base. It can also be invaluable in generating referrals. Additionally, a clean, well-designed, and professional brand and marketing materials will help you generate new business.

Battling the “Fly-By-Night” Reputation

Unfortunately, contractors in many fields have seen the reputation of an entire industry suffer due to the actions of a few disreputable companies or individuals. It is imperative that you work to set yourself and your company apart from these un-professional individuals. Not only are you more likely to attract further business, but you are also repairing the reputation of your industry.

Quality work and customer service are the keys to retaining customers, but there are a few other tips that can help you project professionalism.

Projecting Professionalism in Appearance and Action

A few simple actions can help your organization project competence and professionalism to both current and potential customers.

• Make sure employees are clean, courteous, and professional. They are the face of your organization.

• Keep your equipment up-to-date, clean, and well-maintained. This shows that you care about the quality of your work.

• Your office, your trucks, and your lot should also be clean and well-maintained. Branding your trucks in a professional manner also reinforces your position as a professional organization.

• Your marketing materials should be consistent, clear, well-designed, and of professional quality (i.e. not photocopies).

One way to achieve these goals is by financing improvements to your tree industry equipment. Tree industry financing can help you update your tree trucks, tree equipment, and more. Contact us today to discuss your financing options!

One of the challenges many small business owners face is the perception that they may not be as professional as their larger, more institutionalized competitors. Oftentimes larger companies benefit from the incorrect assumption that they are more established or the safer choice. To remedy this misconception, it is very important for small business owners to focus on their professional image.

Your business’s professional image is the cumulative result of all your customer interactions, your marketing materials, your equipment and signage, and your website. Ensuring that each of these elements displays a competent and professional image will go a long way in making your small business appear established and professional. With that goal in mind, here are some areas to focus your attention on:

The U.S. House of Representatives recently passed a tax code extension that may affect future equipment financing decisions for small businesses.

The U.S. House of Representatives passed H.R. 4457, the American Small Business Tax Relief Act of 2014, on June 12, 2014. Sponsored by Rep. Pat Tiberi (R-Ohio), H.R. 4457 permanently extends Section 179 of the tax code which allows small businesses to expense up to $500,000 on purchases of qualified equipment up to $2 million. Purchases made above $2 million will reduce the expensing allowance dollar-for-dollar until it reaches zero. The bill also is indexed for inflation so that the expensing level and phase-out level will continue to increase over time.

The tax code is designed to help businesses of all sizes, but there is some confusion about what breaks are available for business equipment financing. One of the more popular ones is the Section 179 deduction that may make more sense for corporations planning on buying certain types of depreciable assets. While many C-level executives are likely aware of straight-line deductions and the Modified Accelerated Cost Recovery System, the Section 179 deduction can save even more money.

2014 Section 179 Basics and Benefits

Congress has not made up its mind regarding what businesses should be able to deduct pursuant to Section 179 of the IRS tax code, but at the bare minimum, owners and purchasing officers should be able to take an immediate deduction of up to $25,000 on qualified capital purchases. Qualified purchases can include heavier machinery and manufacturing tooling as well as computers and others. The chief benefit is that there is no worry about having to calculate depreciation tables.

Your landscaping company did well in 2013 and now you’re looking to grow in 2014. If you’re like most small business owners, you started out in the field yourself and have since moved on, or are planning to move on, to managing the day-to-day business of running your company. Liberty Financial Group is here to help you take those next steps. Since winter is a slower season for the landscaping industry, now is the time to start laying out a plan for the future.

Internet and digital technologies have changed the business landscape by empowering consumers more than ever. Consumers no longer need advertisers to speak to them to influence buying decisions. Rather, consumers instantly share recommendations with friends, as well as complete strangers, making the opinion of other consumers the biggest determiner of which products and services consumers buy.

Brands need to work harder to be heard by the empowered consumer who shares information about your business. Liberty Financial Group can help.

Liberty Financial Group, Inc. is an independent, direct commercial equipment lender that provides direct financing and leasing for all types of new and used essential commercial equipment. The dedicated, experienced account managers at Liberty Financial are available to assist you in financing the equipment you need to expand your brand and gain customer share in this competitive environment.

First, lets define “branding”

Unlike marketing, branding is not push, but pull of the customer toward your product or service. It is not “salesy”, but rather is the expression of the essential truth or value of your organization, product, or service. A brand is built from many things and what determines customer loyalty.

Equipping your business with the right equipment can help increase sales, improve efficiency and make a dramatic improvement in your bottom line. Additionally, equipment and technology are extensions of your company’s brand, and therefore play an important role in how your company is perceived by your customers and prospects.

Ask yourself these important questions about how your commercial equipment is impacting your brand:

While much has been made of the tax implications of healthcare requirements for individuals and businesses, the issue of capital investments and real estate improvements can become significantly more expensive in 2014. Getting a quote now for direct financing and leasing of equipment now will save companies tens of thousands of dollars if not more.

Depreciation Bonuses and Section 179 Overview

Commercial equipment financing and leasing carry significant cost savings for companies who choose to enter into agreements prior to 2014. In the case of a fair market value lease of equipment, companies may be able to deduct the entire cost of the lease from their tax hit. In the case of the standard 35% tax bracket that would afford a corporate tax savings of $1,750 per month or $42,000 over the course of a 24-month lease.

In the case of direct financing, other clauses in Section 179 of the IRS code offer up to $500,000 for the purchase price of equipment bought and/or financed in 2013. This deduction drops drastically to $25,000 beginning in 2014. In total, the current cap on capital purchases will drop to $200,000 in 2014 from $2 million. In addition, there is a special bonus depreciation of 50 percent for qualified property purchases other than certain aircraft.